History
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The company was established as Gadgil Jewellers in Sangli on 29 November 1832, by Ganesh Gadgil. Lacking a store, the business was initially run on the pavement of a busy thoroughfare in the city. [7] [8] Gadgil moved the business to a waada he purchased in Sangli, in 1860. [9] Under Gadgil's father, the family had previously served as savakars to the Kolhatkar and Modak families of the Princely state of Sangli, and were thus accorded the office of royal jeweller to the Patwardhan kings of the State after the establishment of their jewellery business. [10]
Gadgil initially intended all three of his sons to succeed him in the business, but after his eldest son Ramchandra became a moneylender and dairy proprietor, and his youngest son Gopal became a lawyer and went on to set up a clothing store, the business was continued by his middle son Narayan and his descendants. After the birth of his eldest grandson Purshottam in 1874, Gadgil changed the name of the company to P. N. Gadgil Jewellers, believing that his grandson's name (Purshottam) would bring the business good luck. [11] [8] After Gadgil's death in 1890, the company was managed by Narayan Gadgil and his three sons. After Narayan Gadgil's death in 1920, the management of the company was taken over by Purshottam Gadgil and his younger brothers, Ganesh Gadgil II and Vasudev Gadgil. After Purshottam's death in 1954, the company's management was inherited by his younger brothers and their sons. Anant Gadgil, who was Ganesh Gadgil II's younger son, joined the business in 1938 and worked at the Gadgils' shop in Sangli for 20 years. He was famously known as Dajikaka. In 1958, he decided to expand the business to Pune, and together with his cousin, Vishwanath Gadgil's son, he started the first retail store on Laxmi Road in Pune under the name P. N. Gadgil Jewellers & Company. [12] [13] [14] After 1958, the two branches of the company continued to function under the same brand. Dajikaka Gadgil, Vishwanath Gadgil and Laxman Gadgil managed the business in Pune, where as Vasudev's son Hari and Shankar (Dajikaka's elder brother) managed the company in Sangli. [15] After Vasudev Gadgil's death in 1965, the Sangli branch of the company was inherited by his son Hari and Ganesh's son Shankar, son of Ganesh and their sons Yashawant, until their own deaths in 2005 and 1980, respectively. [16] Now Sangli branch is managed by Hari's sons Dhananjay and Ganesh and his grandson Siddharth along with Shankar's sons Prakash and grandsons Milind, Raju and Sameer. The two branches were formally separated in 2012, with the Pune branch operating as P. N. Gadgil & Company. [17] Dajikaka Gadgil died in 2014, and few stores of Pune branch of the company was inherited by his son and grandson, Saurabh V. Gadgil [18] [19] [20] who joined the business in 2000 after completing his MBA and currently serves as the Chairman and Managing Director of PNG Jewellers. Under his leadership, the company transitioned from a family-run business to a corporate entity. [6]
In 2014, PNG Jewellers launched a diamond manufacturing unit in Mumbai. [21] The company expanded its retail presence by opening new stores across Maharashtra and Goa, [22] and internationally in the United States. [23] By September 2024, the company had 39 stores in Maharashtra and Goa, and one location in California, US. [24] [25]
In September 2024, PNG Jewellers launched its initial public offering (IPO), with a total issue size of ₹1,100 crore (US$130 million), and listed on the BSE and NSE. [26] [27] The Gadgil family continues to own a 83% stake in the company. [6]
